Conference Programme:
Global Markets Overview - & How Does GCC Fit Into the Global Picture?
• Determining the impact of the financial crisis on global capital and debt markets
• What is the general sentiment towards international loan markets?
• Where does GCC fit into the global picture?
• Primary market activity
• Secondary market activity
• Bankruptcy and insolvency
• The changing face of lending
• Looking at the ‘long-term’
• Deliberating drivers for recovery and the return of credit market confidence
• Analysing the impact of increased government ownership of banks
• Deals in the pipeline - looking through 2010 and beyond
Corporate Borrower’s View on the Region
• Rebuilding confidence & trust
Panel Discussion
The Changing Face of Lending in GCC
• Which of the international lenders are still playing in the region? Who has scaled back?
• Who is looking into new markets – what are they
• How are banks behaving differently in different markets
• What is the effect of Government support on all lending activities in the Gulf?
o Western banks supported by Government – are they doing less lending outside of their own region
• Is there really still a corporate market out there
• Making the region more transparent: building confidence and trust
• How is the loan model changing?
o Had the trend for disintermediation already started
• The hierarchy of financing activities today:
- Bonds
- International syndications
- Regional syndications
- Clubs
- Mini-clubs
- Bilaterals
• How and when will underwriting return
What is the Role of Sovereign Wealth / Government in Supporting Markets?
• Driving an upturn in the economy - regional and global factors
• Getting the loan market moving again
• Rebalancing pricing
Paul Oliver, Head of Financing, Emirates Investment Authority (speaker confirmed)
Panel Discussion
Local Banks Panel
• Which local banks are still in the market?
• What internal issues are they facing and how are they being overcome?
o Who has the capacity to lend?
o How is Government support affecting lending ability?
• How is the relationship with international banks evolving?
• What is the extent to which local banks can participate in bigger loans?
• The renewed importance of relationship banking for local banks
• Bank consolidation – how will this develop?
Panel Discussion
Bringing Financial Institutions Back to the Market
• GCC is key in bringing FIs back
Panel Discussion
Borrowers Strategies for 2010 & Beyond - How is Corporate Behaviour Changing?
• How is the current syndicated lending market affecting regional companies
• How are borrowers raising debt / meeting their financing needs
• How has corporate borrowing behaviour changed?
• The emergence of corporate acquisition outside of the region
o What are corporates generally borrowing for?
• Growing demand for syndicated loans from mid-tier borrowers in the Middle East
o Is the mid market suffering?
• How can borrowers meet the needs of changing expectations – disclosure / transparency / documentation
Panel Discussion
Perspectives on Pricing – From All Parties
• A look at pricing / tenors / volume – recent deals and what is working globally
• Is loan pricing more attractive now?
o How much does it really cost to borrow money?
o Are there any new patterns emerging?
• Are borrowers generally happy with pricing levels
• Is it only a matter of time before one bank cuts rates to increase deal flow
• Covenant-lite
Understanding Covenant lite Credit Agreements
Risk & Investment Grade in GCC
• How can ratings help build confidence and trust in the region
• Avoiding the lessons learnt from SAAD? (Given a good rating days before it defaulted)
• Problems of investment grade for the mid-market
Panel Discussion
Liquidity in the Bond Markets
- Will Bond Markets Take Over from Lending Markets in the Middle East?
• Do the Mubadala and RasGas bond sales signal the return of corporate debt in the Gulf?
• What other signs exist that local companies are returning to the debt markets?
• Could the bond market take over from the loan market as the core element of finance for some borrowers?
o Bonds have been raised primarily for project/infrastructure deals
o Are loan and bond markets in competition?
• Comparing bonds to syndicated loans:
o A complement to Syndicated Loans?
o A means to re-finance Syndicated Loans?
• What progress is there in the region towards developing a standardised bond market?
• Pricing:
o What does the staggering increase in price from 75bps last year to 350bps this year mean?
o Does this open the door to a discussion on Sukuk?
o Sukuk will always cost 1-2bps more because of the extra legal costs
GCC: Prospects for the Region
• A macro-economic analysis – projections for GCC
Panel Discussion
Islamic Finance & Its Role in Aiding Liquidity
• Is Islamic Financing helping to increase liquidity?
• Who are the main buyers?
• What are the developments in Shari’a compliant financing and Shari’a law?
• Islamic vs. conventional – who wants what?
• Are Islamic Finance tranches going to get larger?
• What structures should be used?
• Is sukuk a re-financing tool for syndications?
• Dealing with sukuk maturities
How Will Restructurings Be Carried Out in the Region
• What is the impact of ongoing restructurings on future loans?
• How will banks view future deals?
• Will there be an aversion to certain types of companies?
• What has happened to the syndicated loans that went wrong? How have they been doctored?
• How will restructurings & workouts be carried out in GCC?
• 2nd tier companies
• What opportunities exist in restructurings
Where Does the Flight to Quality Leave the Private Sector
• Have high profile defaults spoiled the party for family
owned groups?
o Saad Group
o The International Banking Co.
o Al-Gosaibi
o Awal Bank
• Who will bail these companies out?
• What level of corporate due diligence is required on these companies
• What will it take to get banks comfortable lending to the private sector?
Panel Discussion
Opportunities in Refinancing
• Addressing the concerns regarding upcoming maturities for government unrelated companies
o How will maturities be dealt with?
o What opportunities exist?
• Refinancing existing facilities – how is this being done?
o Risk avoidance
o Club deals
o Will underwriting come back?
o Forward start facilities – how is this evolving and aiding refinancings
Panel Discussion
Project Finance
• Where are we seeing huge backlogs of projects awaiting finance
o What support is needed to kick-start these projects?
• Recognising how project finance structures are changing
• Will we see more PPP?
• Understanding to what extent long-term finance still exists
• How can banks fund themselves over such a long period?
• Can banks commit to these projects without committing to long-term financing?
• What changes are we seeing in hard and soft ‘perm’ financing – what are the benefits?
• Are local banks reliant on infrastructure finance deals
Middle Eastern Acquisition Financing
• Acquisition-related loans – what is out there?
• What buying opportunities exist?
• How can we take advantage of this?
Secondary Markets: Finding Value & Opportunity
• How have the secondary markets behaved over the last 2 years?
• What does the secondary market make of distressed assets?
• Are sukuks going to be a refinancing option for syndicated loans?